International construction cost survey 2012
International construction cost survey 2012
International construction cost survey 2012
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<strong>International</strong> <strong>construction</strong> <strong>cost</strong> <strong>survey</strong> <strong>2012</strong><br />
South Korea<br />
South Korea is experiencing improvements in the private domestic <strong>construction</strong> sector as the economy<br />
experiences quite healthy growth and gradual cyclical recovery. However, the country has recently<br />
felt the impact of international economic conditions including tighter financing, higher input <strong>cost</strong>s<br />
including oil, and interrupted trade with Japan since the earthquake. The private development sector<br />
has undergone a period of deregulation with less involvement by public institutions. This has increased<br />
demand for private development and should assist the private sector <strong>construction</strong> markets in<br />
<strong>2012</strong>. Public sector <strong>construction</strong> continues to remain subdued with public works and large-scale<br />
project <strong>construction</strong> in a slowdown. Public sector <strong>construction</strong> is unlikely to be higher in <strong>2012</strong><br />
than in 2011. The engineering, fabrication and shipbuilding sectors have healthy order books with<br />
Asian and Australian energy projects. Construction <strong>cost</strong> escalation should be modest in <strong>2012</strong>.<br />
30 Turner & Townsend<br />
South Korea – international building <strong>cost</strong>s per m2 of internal area<br />
2008 2009 2010 2011 2011<br />
KRW KRW KRW KRW USD<br />
Residential<br />
Detached house – medium standard 1,167,307 1,155,750 1,150,000 1,150,000 1,038<br />
Detached house – prestige 1,725,585 1,708,500 1,700,000 1,700,000 1,535<br />
Townhouse – medium standard 1,380,468 1,366,800 1,360,000 1,360,000 1,228<br />
Apartments – private medium density 1,116,555 1,105,500 1,100,000 1,100,000 993<br />
Apartments – high rise 1,421,070 1,407,000 1,400,000 1,400,000 1,264<br />
Aged care/affordable units<br />
Commercial<br />
1,220,000 1,200,000 1,180,000 1,200,000 1,083<br />
Offices – business park 1,116,555 1,105,500 1,100,000 1,100,000 993<br />
CBD offices up to 20 floors – medium 1,370,317 1,356,750 1,350,000 1,350,000 1,219<br />
CBD offices – prestige<br />
Warehouses<br />
1,725,585 1,708,500 1,700,000 1,700,000 1,535<br />
Warehouse/factory unit – basic 954,450 945,000 900,000 900,000 813<br />
Large warehouse distribution centre 761,287 753,750 750,000 700,000 632<br />
High-tech factory/laboratory<br />
Retail<br />
2,639,130 2,613,000 2,600,000 2,600,000 2,348<br />
Large shopping centre including mall 1,725,585 1,708,500 1,700,000 1,700,000 1,535<br />
Neighbourhood including supermarket 954,450 945,000 900,000 950,000 858<br />
Prestige car showroom<br />
Hotels<br />
1,898,144 1,879,350 1,870,000 1,870,000 1,688<br />
Three-star travellers 1,522,575 1,507,500 1,500,000 1,500,000 1,354<br />
Five-star luxury 3,045,150 3,015,000 3,000,000 3,200,000 2,889<br />
Resort style<br />
Hospitals<br />
1,827,090 1,809,000 1,800,000 2,050,000 1,851<br />
Day centre 1,116,555 1,105,500 1,100,000 1,100,000 993<br />
Regional hospital 1,624,080 1,608,000 1,600,000 1,600,000 1,445<br />
General hospital<br />
Schools<br />
1,725,585 1,708,500 1,700,000 1,700,000 1,535<br />
Primary and secondary 1,015,050 1,005,000 1,000,000 1,000,000 903<br />
University<br />
Carparks<br />
1,370,317 1,356,750 1,350,000 1,360,000 1,228<br />
Multistorey – above ground 558,277 552,750 550,000 550,000 497<br />
Multistorey – below ground<br />
Airports<br />
812,040 804,000 800,000 800,000 722<br />
Airport terminal 2,500,000 2,600,000 2,550,000 2,550,000 2,302<br />
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